Victory Securities obtains SFC approval to manage investment funds that comprise up to 100% virtual assets
- Written by Telegraph Magazine
HONG KONG SAR - Media OutReach - 29 March 2023 - Victory Securities Company Limited ("Victory Securities"), a licensed corporation offering virtual asset advisory and dealing services in the Hong Kong market, has been granted permission by the Securities and Futures Commission ("SFC") to manage investment funds comprising up to 100% virtual assets.
With this approval Victory Securities becomes the only licensed corporation in Hong Kong with the necessary regulatory approvals to provide virtual asset-related dealing, advisory, and asset management services under the Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) licenses, cementing Victory Securities' position as Hong Kong's leading regulated provider of comprehensive digital assets related services.
"After becoming the first licensed corporation to be permitted to provide the full spectrum of virtual asset dealing and advisory services in Hong Kong, Victory Securities is thrilled to announce the approval to manage investment funds that comprise up to 100% virtual assets," said Kennix Chan, Executive Director of Victory Securities. "The approval represents a significant milestone for us and demonstrates our commitment to providing safe and reliable virtual asset services in Hong Kong."
As a financial group rooted in Hong Kong for over 50 years, Victory Securities recognizes the potential of virtual assets and is dedicated to developing virtual asset-related products. "We are very excited to reach another milestone and we look forward to providing a full range of virtual asset related services and products to our clients in the coming days." said Kennix.
Furthermore, Victory Securities is looking forward to collaborating with other virtual asset fund managers and professional parties to promote the development of the virtual asset market in Hong Kong and to contribute to the creation of a sustainable global financial services ecosystem.
Victory Securities was assisted by leading international law firm Baker McKenzie in securing the suite of SFC approvals. The Baker McKenzie team comprised virtual asset specialists Joy Lam, Ryan Chan and Samantha W.S. Lai. Commenting on the approval Joy said, "We are very proud to have supported Victory Securities in its journey from a storied traditional securities firm with a 50 year-long history of successfully servicing the securities needs of its clients to becoming a pioneer amongst licensed intermediaries in Hong Kong and forging a new path to provide the full spectrum of virtual asset dealing, advisory and asset management services. It has a been privilege to partner with Victory Securities as it has explored and embarked upon its embrace of virtual assets across each of its regulated service lines. We are particularly impressed by the team's forward-thinking vision and willingness to blaze a trail for other future oriented licensed intermediaries to follow. "
Having the world's largest concentration of institutional and professional investors, Hong Kong has a sound regulatory system and investment environment that makes it an ideal location to develop a virtual asset business. Obtaining the license for Victory Securities is not only an important milestone for Hong Kong's virtual asset market, but also a significant step towards promoting Hong Kong's vision of becoming an international virtual asset centre.
For more information, please visit Victory Securities' website at www.victorysecurities.com.
Hashtag: #VictorySecurities
The issuer is solely responsible for the content of this announcement.
